Reliance and Nifty Symbols Bearishness

Weekly Charts of Reliance closed below fresh 4 week low. Also top formationwitnessed in weekly charts. Symbols alarming for next week. Also when nifty and reliance makes historical circuits…. truly reliance whas leading nifty by that time. After hitting circuits, a day later nifty was trading near 4200 and reliance near 2400 levels. And currently nifty is trading above 4300 but reliance is trading near 2040 levels

1)Reliance(market leader) is underperforming Nifty. And as per dow theory it is a sell for next week

3)Nifty also witness a three week top formation pattern. Short term upside should be used as an exit for the market.

4)13 EMA supports near 4474 broken last week

5)Daily Supports comes near 34 EMA(4189). Next level of support comes near 3950 levels.

5)Daily Chart forms Bearish rising wedge pattern

5) 10 day Trin is trading above 1 but at oversold levels…. this is confusing meabout the downside. Rest everything looks bearish.

Source:
www.marketcalls.in

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About Rajandran

Rajandran is a Full time trader and founder of Marketcalls, hugely interested in building timing models, algos , discretionary trading concepts and Trading Sentimental analysis. He now instructs users all over the world, from experienced traders ,professional traders to individual traders.

Rajandran attended college in the Chennai where he earned a BE in Electronics and Communications. Rajandran has a broad understanding of trading softwares like Amibroker, Ninjatrader, Esignal, Metastock, Motivewave, Market Analyst(Optuma),Metatrader,Tradingivew,Python and understands individual needs of traders and investors utilizing a wide range of methodologies.

Comments

dear friendi have been visiting your blog since past couple of weeks, and would like to say that i have learnt a lot over here.i would just like to ask you 1 thing, dont u think that there are chances that reliance might juss go down enough to fill the gap and then maybe move upwards, a couple of scrips have done that so i dont think it would b surprising.Arpit

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